Here for another round of high energy, next level action is Flip Your Life Hall of Famer, Jeanette Stein.
Jeanette is a wife, mom to 6 wonderful kids and is a former high school math teacher with over 17 years of teaching experience.
She began her online journey about 6 years ago when she needed something new to learn, starting with Dreamweaver, then Blogger, then WordPress – mostly by herself.
Not wanting to choose between her family and career, she used all her new skills into creating her own website, HighSchoolMathTeachers.com where she sold lesson plans to Algebra and Geometry teachers.
In her site’s infancy stages, there wasn’t really much money coming in and she knew that there must be a way to gain traction. After hearing about Shane & Jocelyn, she decided to join the Flip Your Life community and everything else was history.
Moving all of her lesson plans into a membership community almost two years ago had made all the difference and brought her site full circle. She has since quit job and had gotten amazing opportunities that wouldn’t have been possible had she decided to quit early on.
You know what? The fun doesn’t stop with good sales metrics, because there’s always room for growth and we’re here to help her take that next step, so join us as we help Jeanette focus on marketing strategies to boost sales.
You seriously do not want to miss this!
You Will Learn:
- How much to spend on Facebook ads
- Going deeper into our Profit First Budget
- Good is the enemy of great argument
- The advantage of knowing your customer’s lifetime value
- Why you should consider doing upsells
- Plus so much more!
Links and resources mentioned in today’s show:
- Jeanette’s Website
- Jeanette’s first guest call
- Jeanette’s second guest call
- Shane & Jocelyn on SPI with Patt Flynn
- Experiencing guilt over growth? Here’s Shane’s thoughts on contentment
- Profit First Accounting + More
- Jessica Larrew’s Website
- Disney’s Magic Kingdom Review
- Flip Your Life community
- Flipped Lifestyle’s Patreon Page
Enjoy the podcast; we hope it inspires you to explore what’s possible for your family!
Click here to leave us an iTunes review and subscribe to the show! We may read yours on the air!
Patreon question of the week from our Q&A with S&J YouTube series:
This week’s question is from Derek. Derek says, “How do you work when your kids are at home during the summer?”
And if you would like to watch all of our Q&A with S&J videos, head on over to flippedlifestyle.com/YouTube, and subscribe to our YouTube channel.
To ask a question for the Q&A with S&J YouTube show, you can do that over on our Patreon page at flippedlifestyle.com/patreon.
Click on the image to Listen on iTunes:
To learn more about working directly with Shane & Jocelyn in their Flip Your Life community, visit: https://flippedlifestyle.com/flipyourlife
Join HUNDREDS of entrepreneurs from around the world pursuing the Flipped Lifestyle online!
Success Story of the Week:
Today’s a success story comes from Lily, and Lily writes, “I got my first testimonial today!”
“I just wanted to let you know that I got my first testimonial today after piloting my membership site with beta testers on and off for the last 2 1/2 months. Thank you for your constant support.”
That is awesome because testimonials can make or break an online business. You only need two or three really good testimonials on your sales page to really start converting sales. Good job, Lily! That is the next step in your online business, and that testimonial is going to pay off huge down the road.
We would love to help you write the success story for your online business.
At the end of today’s show, head over to flippedlifestyle.com/flipyourlife where you can learn more about building and growing a successful online business with the help of our Flip Your Life community.
Can’t Miss Moment:
This week’s Can’t Miss Moment is taking our kids to Hollywood studios, which is a theme park in Disney World Magic Kingdom down in Orlando. This was a cool experience. Disney had given us some tickets so that we could go and do a review of Hollywood Studios.
This is a Can’t Miss Moment because it’s kind of like, “Oh man, our kids are growing up,” moment. Last time we went to Hollywood studios, our kids were kind of smaller. We were doing things like Disney Junior, and we were going to see Buzz Lightyear in Toy Story, and this time we were riding rides. Our kids actually rode the Tower of Terror and all these things in Hollywood Studios, it was cool to be able to have that comparative experience. We’ve been there multiple times, we went when they were small, now we went when they were a little older. In a couple years we will go back when they are a little bit older. We will do it again and again and again. We will get to see not only how awesome these parks are and how awesome these experiences are, but our kids growing up with these kinds of experiences.
You can connect with S&J on social media too!
Thanks again for listening to the show! If you liked it, make sure you share it with your friends and family! Our goal is to help as many families as possible change their lives through online business. Help us by sharing the show!
If you have comments or questions, please be sure to leave them below in the comment section of this post. See y’all next week!
Can’t listen right now? Read the transcript below!
Jocelyn: Hey y’all! On today’s podcast, we welcome back Flip Your Life Hall of Famer, Jeanette Stein.
Shane: Welcome to the Flipped Lifestyle podcast where life always comes before work. We’re your hosts, Shane and Jocelyn Sams.
We’re a real family who figured out how to make our entire living online. And now, we help other families do the same. Are you ready to flip your life? Alright, let’s get started.
What’s going on, everyone? Welcome back to the Flipped Lifestyle podcast. It is great to be back with you again this week. For those of you new to the show, welcome, this is the place where we help you figure out what to do next in your online business. No shiny objects, no gurus, no gimmicks, just real people, real businesses, and real conversation. We are super pumped today to have another member of our Flip Your Life community on the show.
Jocelyn: Before we jump into the conversation with today’s guest, we are going to share our Patreon question of the week from our Q&A with S&J YouTube series. This week’s question is from Derek. Derek says, “How do you work when your kids are at home during the summer?”
To hear the answer to today’s question, you can click the link in today’s show notes and if you would like to watch all of our Q&A with S&J videos, head on over to flippedlifestyle.com/youtube and subscribe to our YouTube channel.
Shane: If you would like to ask a question for the Q&A with S&J YouTube show, you can do that over on our Patreon page at flippedlifestyle.com/patreon.
Alright! We are super excited to welcome back Jeanette Stein to the program.
Jeanette, welcome to the show.
Jeanette: Thank you. It is so great to be back!
Shane: We actually have recorded this five times now, guys. Those of you listening in to the podcast. But in true fashion of the universe proving that you never have this stuff figured out, we went 12 straight minutes and my microphone was broken. Jocelyn’s wasn’t working, Jeanette kept telling us, but we thought it sounded good. We sat here for like six or seven minutes, and we finally got microphones to work. It ain’t got to be perfect, we live and die by that, do we not, Jeanette?
Jeanette: We do, we do.
Shane: We are finally recording our episode with Jeanette Stein, who is actually the first three-time guest on the Flipped Lifestyle podcast, so congratulations.
Jeanette: Thank you, it’s been great. I always loved talking to you.
Jocelyn: Yeah, it is pretty awesome because I was saying before that we have around 150 episodes, and you’ve basically been on once every 50 episodes, so that is pretty good.
Shane: We’ve already determined off the air that you have to come back now every 50 episodes. You’ve got to be here for 200, 250, until we stop or the world stops turning. You are coming on the show every 50 episodes. It is just a rule now.
Jeanette: I love it! That sounds like a great time.
Jocelyn: All right. Before we get started, we may have some new listeners to the podcast who might not be familiar with your story. Give us the two-minute rundown of what you were doing before you joined our community, what has happened since and bring us up to date with what’s going on right now.
Jeanette: I am a busy mom of six kids, and before I joined the community with Shane and Jocelyn, I was working as a full-time math teacher for 17 years. I really wanted to be able to spend more time at home. I started a blog for math teachers, and started trying to sell lesson plans, and it was not going well. I was at a make-it-or-break-it point, and my last day of school was the beginning of June. The very next day, I joined the membership right after hearing Shane and Jocelyn on Pat Flynn, because I had to be a part of that. I thought, “This is my summer. I’m either going to do it or I’m not.” And it was great because Shane and Jocelyn put me on the right path. They’ve both set up my membership, get it going, and I ended up quitting my job in the middle of August.
Jocelyn: A kind of a crazy story, because you sort of went from almost zero. How much had you sold right before you came in?
Jeanette: The month before?
Shane: Yes, the month before.
Jeanette: It’s embarrassing. I think it was $1.21.
Shane: At that moment, you were sitting there going, “We’ve found the golden ticket. We are gone. Two months from now, we are quitting our job,” right? That is not going through your head at that point.
Jeanette: No, no. I felt like there was always something there. I was not sure how to get there, but I knew there was something there. I needed some directions. I was chasing too many shiny objects.
Shane: I totally remember the day that you asked. You came into the forums, and you said, “I think I’m going to quit my job.” Me and Jocelyn were sitting on the couch, and we had both read it at the same time, and we looked at each other. “What? How did that happen?” But you had had this really good launch, and you did it right. You’ve created a monthly recurring revenue with a membership site from the very beginning when you started this process. You kind of knew you had recurring revenue.
We never tell people to quit their job in our community. There is just so many variables that we don’t understand. And I said that to you. I said, “I’m not going to tell you to quit your job. You’ve got to talk to your husband about that. Y’all got to figure that out yourselves.” But then, I remembered a few days later, you are like, “I’m doing it.” You quit. You’ve never looked back. It’s been amazing watching your journey over the last two years as you’ve quit your job and you’ve grown your business and you’ve just gotten more sophisticated.
What has that process been like over the last two years since you quit your job? Was it just easy street? Do you feel like there’s times where it was really scary? Tell people what it looks like on the other side of the 9-to-5.
Jeanette: At first, it was really scary in an exciting, oh-my-goodness-did-I-just-do-this way. It was wonderful timing. Right before I quit, I had actually signed up for your live event, so I remember I announced it to the live event folks first. It seemed like my safe place to tell everybody on our Facebook group there, and then to meet everybody in October. But it was really scary at first but then to go in October to a live event and be surrounded by people who were doing it and making it happen, it was just wonderful. What I noticed is, this journey can get really scary sometimes, but it is usually when I am letting life throw me around a little bit. If I get really purposeful about I want my life to look and remember why I wanted this in the first place, it’s just phenomenal. I love it.
Shane: I think that we do that, too, sometimes and I think that that is a lot of how we all grow up with these societal expectations of: go to college, get a job, get X dollars a week and this is what you live on, and this is your normal 9-to-5, and that’s is what you do. Once you bust out of that, you kind of look around and you are like, “It’s 11:30, and I am not sitting in an office somewhere. Am I just going to fail and everything is going to completely disappear in five minutes?” And it is scary.
Jocelyn: That doesn’t really go away. We’ve been doing this now for five years. There are times that we are still, “Okay, you know, this is crazy. How are we doing this? Are we really working at home?” You know, there are still times that we think that.
Shane: We were sitting on the porch yesterday, Jeanette. We went to Office Depot yesterday, and we bought an easel. We were like, “We need to be able to write outside.” We were writing out all these things we had to do, and we were sitting out in lawn chairs out on our porch looking out on the lake. I said, “Is this real? Are we really going through this, and living this way?” And Jocelyn goes, “Yeah, but, is it all going to go away tomorrow?” You still always wrestle with that tug-of-war between, “Man, I’m successful and I’m doing this,” and, “There is going to be a giant dumpster fire I’ve got to put out tomorrow.”
Jocelyn: Have you ever seen that entrepreneurship meme and it says something like, “I’m on top of the world!” And then five minutes later —
Shane: The world is ending! It always feels that way, don’t you think?
Jeanette: It always. Yes, it doesn’t really go away, and even if you get to the next level. Even at the end of a promotion or a sale, when all that excitement stops, sometimes that is hard, too, just to have it stop. You are riding that high of all the excitement and communication, and the sales are always fine. Then when it stops, it’s like, “Okay, will that be my last sale ever?”
Shane: No, it won’t be because we started membership sites. We know at least, those people will pay again next month, right?
Jocelyn: As crazy as it is sometimes, and sometimes you just feel like, “Did I really make the right decision?” But at the end of the day would you ever go back?
Jocelyn: No, I couldn’t. I just could not at this point.
Shane: Jocelyn and I always say, “If they shut down the Internet what would we do?” Jocelyn and I are always thinking of ideas. We would not go work for other people, we would find a way. I had this grant scheme the other day. I was like, “If we can just get 100 yards, and we charge people 50 bucks a month, we can just go and we will pick up their dog poop. We will just pick up their dog poop. Or we will take the kids and we will go detail their cars. We’ve got to do something where we don’t ever have to work for anyone else again. There is always a way to make money.
Jeanette: Right. Yeah. It’s an amazing ride, but I cannot imagine being dictated by the time clock again.
Shane: No, no, never again. And do you feel like you can predict though? I think that where we are, lately I’ve noticed, you said something very interesting. You have a big promotion, you have a big sale, and you’re like, “Whoa, I made a few thousand dollars today,” or something like that, like a launch, or whatever. I’ve noticed that when those things happen now, when I am looking at our numbers, I say, “Okay, we just had a really big day. I need to guard myself because I know there is always the up and the down. Tomorrow, that high might not be there. I can’t let myself fall into that trap of, “Tomorrow is not going to be as good as today, necessarily, money-wise, or whatever. I’ve got to protect myself and start thinking about the next peak so I can get through the valley.” I’ve got to keep my eyes on the next mountaintop, and not look down into that valley that might be coming up. I’ve got to worry about what is next. Do you do that, too?
Jeanette: Yes, absolutely. The first year was really hard. It was almost like being a mature athlete. Like handling the excitement of walking into the game, being able to handle it. I used to get really… just really up and down. Now it is like, “No, the cancellations tend to come in groups, and the sales tend to come in groups. What are we doing?” I am always planning for that next thing, so it is okay, because I know the next thing is coming. For the first year, that was scarier. It was more exciting, and it was scarier depending on which way you are going that day.
Shane: I always think of it like that story in the Bible where the disciple gets out of the boat and walks towards Jesus on the water. As long as he is looking straight ahead, at what he’s supposed to be looking at, everything is fine. The world is rolling around him, but everything is fine. The second he looks down, that is when he sinks. That is kind of like the entrepreneurial journey. You just gotta keep looking ahead.
So, let’s look ahead at what is next for you, and what can we do today to help you take it even to the next level?
Jeanette: Coming into my third summer, which is definitely the peak and the most fun part of having an education site, I am looking for some advice on how much to spend on Facebook ads. Facebook seems to be my hotspot for my high school teachers. It seems to be where I get most of my traffic, and I would love to hear your thoughts on how much you spend compared to your revenue as it starts rolling. I noticed I actually spent less my second summer than I did my first summer.
Shane: I think at one point you told us, you made more money, though, the second summer than you did the first summer even though you spent less.
Jeanette: I had a 50% increase in revenue the second summer compared to the first summer.
Shane: I think that brings up a really valuable point. Jocelyn and I, we’ve really been working hard of going deeper into our Profit First budgets. We’ve got our owners pay, we’ve got a profit, we’ve got our tax account, we business account, right? Now, we’re looking at, we have to make a budget for our personal account. What if we started working really hard and getting deeper into our operating expense? How much are we going to spend on marketing? Are we going to allocate 20% or 30% of our revenue in that business account to what we are going to be spending online? But the problem is, you spent less and made more because you get got better at Facebook ads, you got better at targeting, you got better at what you were doing. I think that we’ve settled in somewhere probably between 20% and 30% is what we would like to spend out of our operating expenses on marketing. You have to be flexible, too because what if you started ad, and you were doing 20 bucks a day? But what if that ad literally starts making you $100 a day? Wouldn’t it just make sense next week to go ahead and see, “Well, let’s try 40 bucks, let’s up it.” Then what if it makes you 200?
Jocelyn: And I agree with that to an extent, but you know just to be the devil’s advocate a little bit, as you make more money then your percentages are automatically going to increase like the amount of money that you spend. Just keep that in mind as you are planning it to make sure that you are not going above and beyond what you want to do.
Shane: You do Profit First Accounting?
Jeanette: Yes, definitely.
Shane: Look at whatever your allocation is for your business expense– I’m just going to pick round numbers for easy math even though we’ve got the math teacher here, you know how we do this.
Let’s say we’ve got $10,000 a month. Let’s say we’ve got 40% of that is what we’ve got as our allocation for our business operating expenses. Real revenue is $10,000, 40% would be $4,000, set aside to run the business on. And now let’s say we’re going to run 20% of that as our marketing budget a month? That would give us $1,000 a month on your marketing budget.
If you max of that thousand bucks out, and all of a sudden, it makes you $3,000 back, you don’t really have to increase your percentage. What you need to do is just put that money back into ads the next month to try to double down on it. That is the thought process. It is more of a strategy than it is, “Well this is the exact amount I’m going to spend on ads, and I will not spend a dollar more.” Especially in your busy times, no matter what niche you are in, if you can invest more money then and make a bigger chunk of the pie happen there, you will have more money for later down the road.
Jocelyn: And I would just say, let’s start small so until you have an ad that you know is working, let’s start it small. When you see that it is working, let’s start putting more into it.
Shane: And that is when that initial decision is made. How much am I going to spend on marketing out of my normal business expense account? If you say 10%, 20%, whatever that is, that is your baseline, and then if you get an ad really humming, there is no reason not to put that ad money right back in and try to spend more.
Jocelyn: As long as you know that it is making money back.
Shane: As long as you know that is making money. Be disciplined, be strategic. Pick a percentage, but also be ready to spend more if you have to because what if you spent $10,000 and make $100,000? You got to be prepared to do that. Jessica Larrew, who is an Amazon expert, said something really interesting to us once. She’s like, “Ride the wave until the wave dies, and then ride another wave.” If you find a good wave in your ads, you need to ride that sucker all the way to shore, and then you can step back and go back to your budget again.
Jeanette: Okay, that sounds great.
Shane: It’s not just about spending more money. You’ve proven that because you spent less, and made more. It’s about getting your ads right.
Jocelyn: It’s about finding something that really speaks to your audience and just hammering it until you can’t get anything else out of it.
Jeanette: Yeah, that sounds great.
Shane: Let me ask you deeper into your situation, though. What did you notice about the second year from the first year? I’m sure you’re you didn’t just make a conscious decision, “I’m spending a lot less on ads this year,” because you saw it work the first year? Why do you think you spent less? How does that shape what you’re going to do going forward?
Jeanette: I think I wanted this discussion because I did not set the bar high enough. The first summer, I had a high percentage of my annuals renew. You know, if you think about how many people bought that first summer, and I had to sell at launch and over half of them renewed, I think that’s swayed my thoughts as far as how well I was doing, which I did do well, I had a 50% increase. I think my new customers were almost the same. But then I kept half of what I already had.
Shane: And that is the beauty of the recurring revenue model, too, that is why we do it.
Jeanette: Yes, but in the same breadth, I think because I saw the 50% increase, I kind of thought that I was doing so awesome that I didn’t need to– not that it was a conscious choice not to go after more.
Jocelyn: Yeah, it’s just like, you are doing well. It’s not in the front of your mind.
Jeanette: Right, and so I wanted to put it in the front of my mind. I wanted to be really purposeful to ride those waves when they come.
Shane: It’s the, “Good is the enemy of great argument.” I’m in a mastermind with four guys, and we were just talking about this the other day. The danger part when you’re up on one of those peaks in entrepreneurship is, you set it on cruise control to just ride over the top of the mountain, and you don’t go all in. We’ve done that, those guys that I was talking to in my mastermind, they were talking about it. You know that you should go all in. You’re like, “Okay, I just spent $100 and I made $500. Holy crap, I need to spend $1000 and go make whatever that math works out to.” I guess the risk aversion that’s within all of us says, “Man, I just made a thousand bucks, that’s pretty good this week, that’ll pay the bills.”
Jocelyn: “Good job, Me.”
Shane: “Good job, Me.” Go eat at the Mexican restaurant.
Jocelyn: We do this all the time.
Shane: Yeah, we do that, too. We are like, “Sweet, let’s go down and get some chips and salsa and celebrate,” when really we should triple down and be like, “Let’s fly to Cancun and celebrate.” That is hard though, because you are always thinking like, “What if it doesn’t work?” “What if I double down?” You will at least get your money back if it is working.
Jeanette: You have to at least be aware and not just be so focused on what you are bringing in, but also be aware about all these other components. And I don’t think I did a good job with that, I think I was just so excited to have the fun of July and August. I was so focused on what was coming in that I was not focusing on the procedure, or in the process.
Shane: I’ll tell you one thing that we do, the way we think about it. This is a recurring revenue membership-specific issue. When we are talking about our business, we don’t count annuals. I mean, we count annuals because that’s a huge chunk of money. I like to say, okay, we started this month with 1000 members, and we ended this month with 1100 members. That is amazing. What if we double down next month and finish with 1500? The other day we had a really weird day where we had a ton of annual sales. It was a really, really big day, probably one of the best days we’ve had outside of August. It felt really good but I was like, “That is kind of like an anomaly.” That is the outlier on the bell curve.
If you think about your annuals like that and remove that chunk that is coming, and focus only on that giving yourself a raise, it’s a lot easier to double down because you can say, “Okay, forget that. I’m making X thousand dollars a month. Now I’ve added 10%. Next month I’m going to do 20% because I’m taking all of that 10% I just made, and I am doubling down on the ad that worked.” Next month, you get a 20% raise, and you are like, “Sweet, I’m going to take all that,” and you do that for two or three months. Once you settle down, your recurring revenue has built so high that you’ve given yourself a huge raise. You see what I’m saying?
Jeanette: Right, Yes.
Shane: Almost mentally remove the annuals from your thought process, and it will make you focus on just driving sales because you’ve got to drive more sales. That chunk does not count. I don’t get that right now. That’s kind of a mental process that we go through to help us, because it feels really good on those days when you get those big annual sales. I try not to count those. It is a win, but it is not the right kind of win.
Jeanette: It’s not a sustained win.
Shane: It is attainable, but it is not sustainable. You are not always going to get the annual sale; you’re not always going to get the monthly sale. You’ve got to keep doubling down to get more sales.
Jeanette: Okay. Yeah, I like that for the focus, for sure. That will really help.
Shane: Do you have a percentage that you spend right now on ads, or do you just kind of spend it when you feel like it?
Jeanette: I spend it depending on when I have sales, and when people seem receptive. I have two ads that run to cold traffic all the time, and when they are hitting, I up it. Like when the cost goes down because it seems to fluctuate. Right now, everybody is getting ready for next year’s, so I’ve noticed my one ad, my skills list for my Algebra and Geometry. I’m getting three cents a click, five cents a click. Before, in February, when everybody is sick of school, they were like $0.28 a click. Right now, I’ve upped my budget, because I want as many people on my list before the summer rush. Feel free to correct me if I am off, but I wanted to kind of ride that. I wanted to get as much, and that gets me opt ins because I give them a freebie with that ad.
Shane: Here is the analogy if we go back to the wave thing. It sounds like to me you’re like, “I am riding the wave. Hey, the wave stopped. I am just going to sit here and wait for the next wave.” The real surfers turn that thing around and start swimming back out to sea looking for the next good one. If you are saying, “Okay, I’m spending about 20 bucks today. Oh, it’s not hitting. I’m going to go down to two dollars a day.” Wouldn’t it make much more sense to just say, “No, start another ad, and try something new, and spent $20 a day.” Maybe something else will work, that I think might be your whole chink in your armor.
Jeanette: I like that. That makes me think outside the box. It’s forcing me.
Shane: Yeah, don’t turn the ad off. Start a new ad and try something different. What is my avatar doing today? I need to keep spending this money, I need to find another way and over time you will eventually have a year-long plan where you will know what they are doing every day and you’ll have an ad running every day.
Jeanette: Okay, that’s wonderful. I like that a lot.
Jocelyn: All right, that is a pretty deep dive into ads. I hope that was helpful. What else can we help you with today?
Jeanette: I was hoping to also talk maybe a little bit about upsells. I know you do one Jocelyn with the books.
Jocelyn: I do, yes.
Jeanette: I was kind of thinking more like a group coaching because a lot of the math teachers really struggle with getting through the content. Is that something that you’ve heard of, or that you would recommend? I guess I am kind of struggling with that. I’ve heard of it, but I’m not sure if it is a right fit for education. I would love to hear you guys’ thoughts on it.
Jocelyn: Yeah, I do like the idea of an upsell always. It is always a good idea when people already have their wallet out, they’re already in the mode of buying to give them a little some extra, some extra value for an extra expenditure because the best time to get somebody to buy something else is when they are already in the buying mode. Do you like the idea of doing an upsell? As far as the actual upsell of what it is, I think it just depends.
I would be a little bit cautious in the education industry because for me, I value my time a lot, and I know that you do, too. Which means that I would want to charge a really big premium for that. I don’t know how many teachers would be willing to pay that. There may be a lot. There may not be a lot. It is something that I think you would need to test with your market and make sure that you are also prepared to do it. That it is something you really want to do.
Shane: You have to know your lifetime value perfectly when you do your upsells in your membership area because we just went through a massive audit. Jocelyn sat them on the porch probably for like six straight hours going through every single tag in our entire system–
Jocelyn: That was fantastic.
Shane: Yeah, it was amazing because I didn’t have to do it. Jocelyn came at me with this data and was like, “We know the LTV of everything now.”
Jocelyn: So I broke down it by members paying X dollars a month, numbers paying Y dollars a month. How long do they stay? What is their price? That is what you need to know. You need to come in with that information, and once you have that information, then you can say, “Okay, well, if I offer them this, then is it worth it to me for their long term value?”
Shane: It works like this: let’s say that your average person pays $400 over X months. If you know that, if you know for sure, like, “Okay, I’ve been doing this two years, I know for sure that average lifetime value of my people is $400.” Well, then you need something that you can sell as an upsell for $400. Because if they join for 50 bucks a month, and then they do the upsell, 20% of the people do the upsell, you’ve automatically maxed lifetime value on those people. So, you’ve got it upfront, and they’re still a member. You see what I mean?
That makes it easier to think, “Well, do I want to put all this time in?” or “Can I create a new lesson pack?” or “Is there something else that I can offer like a math live event or something?” It just makes it a lot easier to figure out what to price that, what it looks like, because that is the goal of an aspirational product, is to increase lifetime value. I’ll tell you another thing, too that has been working in a really good for us is just up selling to annual. Upsell to annual.
We do it on our order form. It actually says, “Save money if you get the annual now like you’re not even thinking about it.” Try to get the lifetime value upfront on the upsell, and then if they do that, take him to the next big them like a live event or a mastermind like we do. Maybe that is your first upsell instead of adding all this complexity and something new. Just make sure you are really, really hitting them hard on a great discount on your annual plan. Get that money up front and then you can take them to something next. Because that is all you are trying to do, is lifetime value. If you can do that with what you’ve already made, that is a lot better than adding an entirely new product.
Jeanette: That’s a great idea. I was making it way too hard as you know I tend to do.
Jocelyn: Well, I think that we all tend to do that.
Shane: We all make it too hard.
Jeanette: I would love to look through the forums and see Shane, how many times you’re telling, “You’re making this too hard. Jeanette, you are making this too hard again.”
Shane: Yeah, all the time. I do it to myself, too. I was reading an article this morning in Muscle Fitness on the way to the gym, and I looked over at Jocelyn and said, “Listen to what this guy said. He goes, ‘People make training way too hard. Pick up something heavy as many times as you can do it. Rest, and do it again.'” And that is so online business. “What do I do, what do I do?” I don’t know, just do that and see if it works, then try something different. If we would all do that, we would probably all make a lot more money.
Jeanette: Right, I love it. That’s great. Yeah because I was thinking I needed to create and give up evenings and all this, but it would be smarter to try this first.
Jocelyn: Yeah, exactly. And that is exactly what I would do.
Jeanette, it has been an awesome conversation with you. And as always, we love talking to you. Thanks for all the insightful questions, and I love these high-level conversations too, because I think that it gives people something to aspire to and just something to look forward to as they move forward in their online business.
Before we go, we always like to ask our guest, what is one thing you are planning on taking action on in the next day or so based on what we talked about here today?
Jeanette: In the next 24 hours, I am going to take a look at those Facebook ads and make sure that I am spending that $20 per day. I’m going to go find them where they are at. I love that. Make that calendar.
Shane: Love it. That is awesome. I have no doubt that you will be successful, and you will be posting amazing success stories in the forum with your action steps very soon. Congratulations for everything! Thanks for letting everybody listen in to our call today.
Jeanette: Oh, thank you so much both of you for everything. I can’t say thanks enough.
Shane: Alright, guys, that wraps up another call to one of our Flip Your Life community members. If you would like to become a member of our Flip Your Life community, head over to flippedlifestyle.com/flipyourlife, and we can help you with your online business as well.
Jocelyn: Alright, next we are going to move into our Can’t Miss Moment segment. These are things that we were able to experience recently that we might have missed if we were still working at our normal 9-to-5 jobs.
Shane: Alright, guys. This week’s Can’t Miss Moment is taking our kids to Hollywood studios which is a theme park in Disney World Magic Kingdom down in Orlando. This was a cool experience. Disney had given us some tickets so that we could go and do a review of Hollywood Studios. We got to ride a little boat actually from Epcot Center over to Hollywood Studios. That was really cool. This is a Can’t Miss Moment, too, because it’s kind of like, “Oh man, our kids are growing up,” moment. Last time we went to Hollywood studios, our kids were kind of smaller. We were doing things like Disney Junior, and we were going to see Buzz Lightyear in Toy Story, and this time we were riding rides.
Our kids actually rode the Tower of Terror and all these things in Hollywood Studios. It was cool to be able to have that comparative experience. We’ve been there multiple times, we went when they were small, now we went when they were a little older. In a couple years we will go back when they are a little bit older. We will do it again and again and again. We will get to see not only how awesome these parks are and how awesome these experiences are, but our kids growing up with these kinds of experiences. Hollywood studios was a great time for our family, and that’s our Can’t Miss Moment this week.
We love to share our Can’t Miss Moments with you each week on the Flipped Lifestyle podcast, but there is one thing we love to share even more, and that is a success story from our Flip Your Life community.
Before we go, we wanted to share an actual success story from the success forums in the Flip Your Life membership. Today’s a success story comes from Lily, and Lily writes, “I got my first testimonial today!”
Jocelyn: “I just wanted to let you know that I got my first testimonial today after piloting my membership site with beta testers on and off for the last 2 1/2 months. Thank you for your constant support.”
Shane: And that is awesome because testimonials can make or break an online business. You only need two or three really good testimonials on your sales page to really start converting sales. Good job, Lily! That is the next step in your online business, and that testimonial is going to pay off huge down the road.
Jocelyn: We would love to help you write the success story for your online business. At the end of today’s show, head over to flippedlifestyle.com/flipyourlife where you can learn more about building and growing a successful online business with the help of our Flip Your Life community.
Shane: Before we sign off today, guys, we like to close every show with a verse from the Bible. Jocelyn and I draw a lot of our inspiration and motivation from the Bible, so we would like to share some of that with you.
Today’s verse comes from 2 Corinthians 9:8, and the Bible says, “And God is able to bless you abundantly, so that in all things at all times, having all that you need, you will abound in every good work.” Take that to heart, get out there and do some good work in your online business, and be blessed. That is all the time that we have for this week. As always, guys, thanks for listening to the Flipped Lifestyle podcast and until next time, get out there, take action, do whatever it takes to Flip Your Life. We will see you then.